Bitcoin Cash Technical Analysis: BCH Faces Rejection At $540 Resistance Barrier
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price finds support at the 50-day SMA.
- The MACD shows increasing bearish market momentum.
Between February 15 to February 21, the Bitcoin Cash price has been trending horizontally around the $700 line. Following that BCH dropped to $705 to $515 within 48 hours, losing almost $200 in its overall valuation.
50-Day SMA Prevents Bitcoin Cash Price For Dropping Further
The 50-day SMA prevented the Bitcoin Cash price from dropping any further. As of now, BCH is trending around $525 and is looking to move up to $550. However, the $540 resistance barrier has prevented BCH to go any higher.
Image: BCH/USD daily
Speaking of which, the $540 is particularly strong since nearly 83,000 addresses had previously purchased a million BCH tokens at this level. If Bitcoin Cash price manages to break past this zone, it will easily reach $550 and then $600.
Looking at the 4-hour Bitcoin Cash price chart, the latest candlestick is properly stuck between the 20-bar and 200-bar SMAs. This gives it very less wiggle room.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
As things stand, the Bitcoin Cash price is likely going to keep trending horizontally in the $525 level.